EUR/NOK Up 17 Pips On Hourly Chart, Moves Down For the 3rd Day In A Row; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated November 24, 2022 1:40 GMT)

At the time of this writing, EURNOK’s rate is up 0.17 pips (0.02%) from the hour prior. The hourly chart shows that EURNOK has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNOK. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNOK is down 711 pips (0.68%) since yesterday (opening today near 10.3333), marking the 3rd day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, EURNOK ended up ranking 30th for the day in terms of price change. The price chart of EURNOK below illustrates.

EURNOK

EURNOK Technical Analysis

Notably, EURNOK crossed below its 20 and 50 day moving averages yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 0.1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 16 out of the past 30 days.